CHAPTER – 1

INTRODUCTION

1
 INTRODUCTION

The Indian stock exchanges hold a place of prominence not only in Asia but also at
the global stage. The Bombay Stock Exchange (BSE) is one of the oldest exchanges
across the world, while the National Stock Exchange (NSE) is among the best in
terms of sophistication and advancement of technology. The Indian stock market
scene really picked up after the opening up of the economy in the early nineties. The
whole of nineties were used to experiment and fine tune an efficient and effective
system.

The ‘Badla’ system was stopped to control unnecessary volatility while the
derivatives segment started as late as 2000. The corporate governance rules were
gradually put in place which initiated the process of bringing the listed companies at a
uniform level. On the global scale, the economic environment started taking paradigm
shift with the ‘dot com bubble burst’, 9/11, and soaring oil prices. The slowdown in
the US economy and interest rate tightening made the equation more complex.

However after 2000 riding on a robust growth and a maturing economy and relaxed
regulations, outside investors- institutional and others got more scope to operate. This
opening up of the system led to increased integration with heightened cross-border
flow of capital, with India emerging as an investment ‘hot spot’ resulting in our stock
exchanges being impacted by global cues like never before.

The study pertains to comparative analysis of the Indian Stock Market with respect to
various international counterparts. Exchanges are now crossing national boundaries to
extend their service areas and this has led to cross-border integration. Also, exchanges
have begun to offer cross-border trading to facilitate overseas investment options for
investors. This not only increased the appeal of the exchange for investors but also
attracts more volume. Exchanges regularly solicit companies outside their home
territory and encourage them to list on their exchange and global competition has put
pressure on corporations to seek capital outside their home country. The Indian stock
market is the world third largest stock market on the basis of investor base and has a
collective pool of about 20 million investors. There are over 9,000 companies listed
on the stock exchanges of the country. The Bombay Stock Exchange, established in
1875, is the oldest in Asia. National Stock Exchange, a more recent establishment

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which came into existence in 1992, is the largest and most advanced stock market in
India is also the third biggest stock exchange in Asia in terms of transactions. It is
among the 5 biggest stock exchanges in the world in terms of transactions volume.

The S&P BSE SENSEX (S&P Bombay Stock Exchange Sensitive Index), also-called

the BSE 30 or simply the SENSEX, is a free-float market-weighted stock market
index of 30 well-established and financially sound companies listed on Bombay Stock
Exchange. The 30 component companies which are some of the largest and most
actively traded stocks, are representative of various industrial sectors of the Indian
economy. Published since 1 January 1986, the S&P BSE SENSEX is regarded as the
pulse of the domestic stock markets in India. The base value of the S&P BSE
SENSEX is taken as 100 on 1 April 1979, and its base year as 1978–79. On 25 July
2001 BSE launched DOLLEX-30, a dollar-linked version of S&P BSE SENSEX. As
of 21 April 2011, the market capitalization of S&P BSE SENSEX was about ₹29,733
billion (US$442 billion) (47.68% of market capitalization of BSE), while its free-float
market capitalization was ₹15,690 billion (US$233 billion). During 2008-12, Sensex
30 Index share of BSE market capitalization fell from 49% to 25% [1] due to the rise of
sectorial indices like BSE PSU, Bankex, BSE-Teck, etc.

The NIFTY 50 index is National Stock Exchange of India's benchmark stock market

index for Indian equity market. Nifty is owned and managed by India Index Services
and Products (IISL), which is a wholly owned subsidiary of the NSE Strategic
Investment Corporation Limited. IISL had a marketing and licensing agreement
with Standard & Poor's for co-branding equity indices until 2013.

NIFTY 50 Index has shaped up as a largest single financial product in India, with an
ecosystem comprising: exchange traded funds (onshore and offshore), exchange-
traded futures and options (at NSE in India and at SGX and CME abroad), other index
funds and OTC derivatives (mostly offshore).NIFTY 50 is the world’s most actively
traded contract. WFE, IOMA and FIA surveys endorse NSE’s leadership position.

The NIFTY 50 covers 22 sectors of the Indian economy and offers investment

managers exposure to the Indian market in one portfolio. During 2008-12, NIFTY 50
50 Index share of NSE market capitalization fell from 65% to 29% due to the rise of
sectorial indices like NIFTY Bank, NIFTY IT, NIFTY Next 50, etc. The NIFTY 50

3
Index gives 29.70% weightage to financial services, 0.73% weightage to industrial
manufacturing and nil weightage to agricultural sector.

The NIFTY 50 index is a free float market capitalization weighted index. The index
was initially calculated on full market capitalization methodology. From June 26,
2009, the computation was changed to free float methodology. The base period for the
CNX Nifty index is November 3, 1995, which marked the completion of one year of
operations of National Stock Exchange Equity Market Segment. The base value of the
index has been set at 1000, and a base capital of Rs 2.06 trillion.

The main difference between SENSEX and Nifty is that SENSEX is the stock

market index for BSE Limited, while Nifty is the stock market index for National
Stock Exchange (NSE). Another is that SENSEX is comprised of 30 stocks, while
Nifty is comprised of 50 stocks

Sensex and Nifty - Basics

The terms Sensex and Nifty has been added to the household vocabulary in the
current decade. One often comes across these terms at least once in a day. The news
channels also keeps flashing these terms on their side bars and scrolls. This also has
become an important part of any news broadcast. 'Sensex and Nifty literacy' has
become very essential now. So what is Sensex? And what is Nifty? Basically these
are indexes which act as barometers of the stock market. In a nut shell, it tells about
the performance of majority of traded stocks.

In India there are two major stock exchanges, Bombay Stock Exchange (BSE) and
National Stock Exchange (NSE). The index of the BSE is called as Sensex and the
index of NSE is called as Nifty. The difference between BSE and NSE is they both
are different stock exchanges.

1) Sensex - It is popularly called as BSE Sensex or BSE Sensitive Index. It comprises

of 30 stocks which are listed in BSE. 

2) Nifty - It is popularly called as NSE Nifty. It comprises of 50 stocks which are

listed on the NSE.

4
The 30 stocks that are included in the Sensex, provide a sample of the entire market.
To elaborate, the 30 stocks that are included are a sample. It represents the total effect
of all the stocks that are listed in the BSE.

Similarly, Nifty is the representation of all the stocks listed in the NSE. It comprises
of 50 shares.

The difference between Sensex and Nifty is they are different indexes which measure
the performance of the stock market. 

Sensex has gone up - What does that mean

Often one comes across the news - Sensex has gone up by 100 points and Nifty has
gone up by 50 points. This basically means on an average the 30 shares in BSE and 50
Shares in NSE have performed well. Individual stock prices should have increased
and decreased. But majority of the stock prices in the list of 30 for BSE and 50 for
NSE have increased.

Similarly another news - Sensex has gone down by 60 points and Nifty has gone
down by 30 points, basically means on an average the 30 shares and 50 Shares have
performed negatively. Individual stock prices should have decreased and increased.
But majority of the stock prices in the list of 30 for BSE and 50 for NSE have
decreased.

Apart from these indexes, there are many other indexes which are used to gauge the
performance of various industry stocks. For example - BSE IT or BSE Bankex shows
how the IT companies and banks listed in BSE performed.

All these stocks in these indexes are selected through a mechanism and certain
criteria. So, Sensex and Nifty are no longer a mystery now!

The SENSEX and Nifty are both stock market indexes. A stock market index, also
known as a stock index is a method of measuring the value of a section of the stock
market. The stock index consists of a selected number of stocks, which represent the
strength of the stock market exchange as a whole. The stock index is calculated by
taking an average, usually weighted of the selected number of stocks as included in
the index.

5
SENSEX is the stock market index for BSE Limited, previously known as the
Bombay Stock Exchange. Located on Dalal Street in Mumbai, BSE was established in
1875. BSE has emerged as one of the leading exchange groups of India.  Two major
shareholders of the BSE are prominent global exchangers – Deutsche Bourse and
Singapore Exchange. As mentioned in Wikipedia, BSE is the first exchange in the
world to obtain 9001-2002 certification on its on-line trading system.

An index in a stock exchange is basically an indicator to give a general idea about the
stocks; whether they have gone up or most of the stocks have gone down. The popular
benchmark equity index of BSE is known as S&P BSE SENSEX. SENSEX Index is
comprised of 30 of the largest and most actively-traded stocks on the BSE. Previously
it was known as SENSEX but after tying up with S&P now it is known as S&P BSE
SENSEX. This tie-up aimed to use the global rating agency’s brand for its index.

Nifty is the stock market index for the National Stock Exchange (NSE). The NSE is
another stock exchange which operates in India. NSE came into existence in 1991 by
Government of India on the recommendation of the Pherwani Committee. NSE is
mutually owned by a set of leading financial institutions, banks, insurance companies
and other financial intermediaries in India. Ownership and management operates
separately in NSE. NSE covers segments like mutual funds, indices, exchange traded
funds, equities, etc. of the capital market. NSE is the first exchange in the world to use
screen based system for trading, which connected members through a satellite
network and allowed them to easily access trade opportunities irrespective of being
located in various parts of the country as they are.

Nifty comprises of 50 of the largest and most actively traded stocks on the NSE that
covers 22 sectors of the Indian economy. These 50 stocks are also known as the
National Fifty. Nifty is owned and managed by India Index Services and Products
Ltd. (IISL), which is a joint venture between NSE and Credit Rating and Information
Services of India Ltd. (CRISIL). After tying up with S&P, NSE Nifty, as it was
previously known, changed its official name to S&P CNX Nifty, where S&P stands
for Standard & Poor and CNX stands for 'CRISIL NSE Index'. However, S&P CNX
Nifty is still commonly known as Nifty or NSE Nifty.

The main difference between SENSEX and Nifty is that SENSEX is the stock market
index for BSE Limited, while Nifty is the stock market index for National Stock
6
Exchange (NSE). Another is that SENSEX is comprised of 30 stocks, while Nifty is
comprised of 50 stocks.

Stock Market is a place where the securities such as shares, debentures, options, etc.
are traded, and it is a common place for both the buyers and sellers to deal in the
securities. In India, the two most popular stock exchanges are BSE (Bombay Stock
Exchange) and NSE (National Stock Exchange).

National Fifty abbreviated as Nifty is a yardstick of the 50 best companies in more

than 20 sectors intensely traded by the public on the National Stock Exchange. It is
launched by NSE in 1995, located in New Delhi, and is owned by India Index
Services and Products (IISL) – a joint venture between CRISIL (Credit Rating and
Information Services of India Limited) and NSE.

It is calculated by taking the weighted average market capitalization of 50 companies

on the basis of which the weights are assigned to each company. The base year is
1995 for which the index value is 1000. Market Capitalization means the aggregate
market value of the company calculated by multiplying the total number of
outstanding shares with the current market price per share.

Definition of Sensex

Sensitive Index abbreviated as Sensex is a yardstick of the top 30 companies of over

20 different sectors highly traded by the public on the Bombay Stock Exchange. It is
launched by BSE in 1986, located in Mumbai. The index is calculated on the basis of
free float market capitalization, which is calculated by multiplying the weighted
average of some shares held by the government and the promoters of the company
with the weighted average price. The base year is 1978-79, and the index value is 100.
Free float market capitalization refers to the proportion of shares issued by a public
company, which are actively traded in the stock market.

Key Differences between Nifty and Sensex

National fifty is considered as Nifty while the Sensitive Index is considered as

Sensex.

Nifty is related to NSE whereas Sensex is related to BSE.

7
Nifty is the indicator of top companies heavily traded on NSE while the Sensex is the
indicator of top companies heavily traded on BSE.

The Sensex is older than Nifty.

Nifty is situated in New Delhi, while the Sensex is situated in Mumbai.

The major difference between Nifty and Sensex is that 50 companies are indexed in
Nifty while 30 companies are indexed in Sensex.

OBJECTIVES OF THE STUDY

 The main objective of doing this project is to analysis the fluctuations of

various companies from B.S.E Sensex and N.S.E Nifty.
 To evaluate the months high or low prices.
 To observe the reasons for the daily fluctuations in prices.
 To give the investor an idea of investment using this analysis when to invest
and how much to invest on the basis of fluctuations on Sensex and Nifty.

NEED FOR THE STUDY:

Stock Markets have existed in India for a very long time .yet the professionals
in the field of finance talking negatively about these instruments .The reason why I
bring it up again is that it is very important to understand what the old system was
verse the new the old system were based on trust .They were closed group system and
hence deviation from truly competitive markets. Such closed groups are vulnerable to
problem when the demand of the economy reach beyond the capacity of the group and
group has expended without open and transparent criteria for entry, the network of
trust gets disrupted, with the result that the system is disrupted by frauds.

On the other hand, the modern market place of Stock Markets, having well
developed risk management, transparent rules for entry and stringent regulation, is
faceless. That the old type system had to transform into a new is definitely clear they
have played a very important role in the past. In is merely that had to modern markets
to keep up with the demand of the times.

8
SCOPE OF THE STUDY:

The present study enables us to identify the opportunities available in Indian stock
market. The scope of study is confined to compare the stocks listed in NIFTY and
SENSEX for a period of three months.

RESESARCH METHODOLOGY

Data collection:-

In the present project work the data has been collected from readily available
sources that is secondary data like websites, news paper

The web sites visited air Nseindia .com

Bseindia .com

Value research .com

Data analysis:-

The present project work has been analysis using time series analysis with
graphical presentation.

The formula applied in the collection as follows

Returns = (closing price – opening price)/opening price*100

Risk = √∑(D)2/n-1

LIMITATIONS OF THE STUDY:

 The present project deals with the observation of price fluctuations. This
requires secondary data of one month.
 We cannot take all the companies which are attractive due to lack of time.
9
 This study requires lot of calculations to derive any interpretation regarding
selection of security for investment. But according to the data insufficiency
and inaccuracy it is not possible to analysis all the securities.
 Finally we cannot predict the fluctuations because there are so many factors
influence the price movements at the same time.

10
 CHAPTER – 2

REVIEW OF LITERATURE

11
 REVIEW OF LITERATURE

According to Prasanna Chandra(2000) “Equity represents ownership capital, as equity

shareholders collectively own the company. They enjoy the rewards and bear the risk
of ownership however, their liability; unlike the liability of the owner in a partner
concern is limited to their capital contribution”.

In the view of Elizabeth Weintraub “Equity is the difference between the

market value of your home and the amount you owe to the lender. Net equity is
different from gross equity. Net equity is the gross equity less the costs of selling the
home”.

In the context of equity, Warren Buffet says “Only buy something that you’d
be perfectly happy to hold if the market down for 10 years”.

As per the George Soros “Prevailing wisdom is that markets assume they are
always wrong”.

In the perspective of Martin J.Pring “The technical approach to investing is

essentially a reflection of the idea that prices move in trends which are determined by
the changing attitudes of investors toward a variety of economic, monetary, political
and psychological forces. The art of technical analysis for it is art is to identify trend
changes at an early stage and to maintain an investment posture until the weight of the
evidence indicates that the trend has been reversed”. The Indian capital market has
changed dramatically over the last few years, especially since 1990. Changes have
also been taking place in government regulations and technology. The expectations of
the investors are also changing. The only inherent feature of the capital market, which
has not changed is the 'risk' involved in investing incorporate securities. Managing
the risk is emerging as an important function of both large scale and small-scale
investors.

Grewal S.S and Navjot Grewall (1984) revealed some basic investment rules
and rules for selling shares. They warned the investors not to buy unlisted shares, as
Stock Exchanges do not permit trading in unlisted shares. Another rule that they
specify is not to buy inactive shares, i.e., shares in which transactions take place

12
rarely. The main reason why shares are inactive is because there are no buyers for
them. They are mostly shares of companies, which are not doing well.

A third rule according to them is not to buy shares in closely-held companies because
these shares tend to be less active than those of widely held ones since they have a
fewer number of shareholders. They caution not to hold the shares for a long period,
expecting a high price, but to sell whenever one earns a reasonable reward.

Jack Clark Francis (1986) revealed the importance of the rate of return in

investments and reviewed the possibility of default and bankruptcy risk. He opined
that in an uncertain world, investors cannot predict exactly what rate of return an
investment will yield. However he suggested that the investors can formulate a
probability distribution of the possible rates of return. He also opined that an investor
who purchases corporate securities must face the possibility of default and bankruptcy
by the issuer. Financial analysts can foresee bankruptcy. He disclosed some easily
observable warnings of a firm's failure, which could be noticed by the investors to
avoid such a risk.

Preethi Singh(1986) disclosed the basic rules for selecting the company to invest
in. She opined that understanding and measuring return and risk is fundamental to the
investment process. According to her, most investors are 'risk averse'. To have a
higher return the investor has to face greater risks. She concludes that risk is
fundamental to the process of investment. Every investor should have an
understanding of the various pitfalls of investments. The investor should carefully
analyze the financial statements with special reference to solvency, profitability, EPS,
and efficiency of the company. David.L.Scott and William Edward4 (1990) reviewed
the important risks of owning common stocks and the ways to minimize these risks.
They commented that the severity of financial risk depends on how heavily a business
relies on debt. Financial risk is relatively easy to minimize if an investor sticks to the
common stocks of companies that employ small amounts of debt. They suggested that
a relatively easy way to ensure some degree of liquidity is to restrict investment in
stocks having a history of adequate trading volume. Investors concerned about
business risk can reduce it by selecting common stocks of firms that are diversified in
several unrelated industries. Lewis Mandells (1992) reviewed the nature of
market risk, which according to him is very much 'global'. He revealed that certain

13
risks that are so global that they affect the entire investment market. Even the stocks
and bonds of the well-managed companies face market risk. He concluded that
market risk is influenced by factors that cannot be predicted accurately like economic
conditions, political events, mass psychological factors, etc. Market risk is the
systemic risk that affects all securities simultaneously and it cannot be reduced
through diversification

Nabhi Kumar Jain (1992) specified certain tips for buying shares for holding
and also for selling shares. He advised the investors to buy shares of a growing
company of a growing industry. Buy shares by diversifying in a number of growth
companies operating in a different but equally fast growing sector of the economy.

He suggested selling the shares the moment company has or almost reached the
peak of its growth. Also, sell the shares the moment you realize you have made a
mistake in the initial selection of the shares. The only option to decide when to buy
and sell high priced shares is to identify the individual merit or demerit of each of the
shares in the portfolio and arrive at a decision.

Carter Randal (1992) offered to investors the underlying principles of winning

on the stock market. He emphasized on long-term vision and a plan to reach the goals.
He advised the investors that to be successful, they should never be pessimists. He
revealed that though there has been a major economic crisis almost every year, it
remains true that patient investors have consistently made money in the equities
market. He concluded that investing in the stock market should be an un-emotional
endeavor and suggested that investors should own a stock if they believe it would
perform well.

S.Rajagopal. (1996) commented on risk management in relation to banks. He

opined that good risk management is good banking. A professional approach
to Risk Management will safeguard the interests of the banking institution in the long
run. He described risk identification as an art of combining intuition with formal
information. And risk measurement is the estimation of the size, probability and
timing of a potential loss under various scenarios.

Charles.P.Jonesl8 (1996) reviewed how to estimate security return and risk. To

estimate returns, the investors must estimate cash flows the securities are likely to

14
provide. Also, investors must be able to quantify and measure risk using variance or
standard deviation.

Variance or standard deviation is the accepted measure of variability for both realized
returns and expected returns. He suggested that the investors should use it as the
situation dictates.

He revealed that over the past 12 years, returns in stocks, bonds, etc. have
been normal. Blue chip stocks have returned an average of more than 16% per year.
He warned that the investors who believe that these rates will continue in the future
also, will be in trouble. He also warned the investors not to allow themselves to
become victimized by "investment gurus".

Rukmani Viswanath (2001) reported that the Primary Dealers in Govt.

securities are working on a new internal risk management model suited for the Indian
market conditions. The attempt is to lay down general parameters for risk perception

The Primary Dealers Association of India (PDAI) is formulating a set of

prudential norms for 'risk management practices'. While internationally the principles
of risk management may be the same everywhere, the Association is of the view that
they have to identify the relevant issues and apply those principles in the Indian
context. It strongly argues that it must work on a model that can help to manage
liquidity and interest rate risk. While the existing RBI guidelines on risk management
cover mainly statutory risk, the PDAI hopes that its new risk management model will
be able to perceive 'real risk'. These new norms are expected to help gauge several
issues like, whether a fall in the prices of securities or yields is a temporary or
permanent situation etc. The areas the new norms are likely to address are the
assessment of the liquidity situation and envisaging investor appetite for a specific
instrument and their appetite for risk. According to the govt. securities dealers, these
norms are expected to help them hedge.

15
 CHAPTER – 3

COMPANY PROFILE

16
 COMPANY PROFILE
About SL Capital

SL Capital is a leader in stock market advisory services, offering stock tips via SMS
to Retail & HNI clients across India.

In each key area of Technical & Fundamental Research – extensive experience of our
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We at SL Capital have developed a proprietary auto-generated Stock Rating System,

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After the extensive research of testing and retesting of 1000s of strategies,

mathematical models of over the last 7 years, we have identified the model of
MAXIMUM PROFIT with MINIMUM RISK. It's the most powerful and easy to use
Technical tool called Trend Finder. We have been guiding our clients to achieve their
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First Class Stock Advice, from First Class Research.

SL Capital is a subsidiary of SL Group, established in the year 2010 with a mission to

leave its footsteps in the path of delivering utmost customer satisfaction.
http://gletschercasino.org/ SL Capital, having more than 400 customers, deals with
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BROKING:

SL Capital in collaboration with India Infoline Limited, a top broking organization,

deals with trading in Equities, Commodities, and Currencies with expert Technical

17
and Fundamental Analysts and Researchers. We provide tips to the customers and
assist them on buy-hold-sell decisions with almost 90% accuracy.

SL Capital works with the motto “higher profits with low loss.” With its expert work
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PORTFOLIO MANAGEMENT SERVICES

Product information:

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To earn returns both in rising & falling markets.

Different products based on Risk-Reward for different types of investor having

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Apart from fundamental analysis, a successful investor can take a market view based
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Product Specifications:

Investment Amt: Minimum Investment: Rs 1 lakh

Charges: Annual maintenance charge is 2.5% per annual, AMC is charged only after
giving the p.a 18% assurance return on the investment.

Product Reporting:

Fortnightly reporting of Portfolio Net Worth through online.

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OUR VISION:

18
BY 2020, we will become as the premier end -to-end business, Financial, commerce,
Social media vortal to all the netizens globally.

OUR MISSION:

Our goal is to enlighten everyone through/by SAMBODHI in every aspect and in

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Our principle is to strive for service excellence through disciplined commitment

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Sambodhi follows different social and environment polices to make a better living for
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-All our employees and clients are encouraged to keep the surrounding clean, green
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-We take special interest in supporting hospitals, orphanages and NGO's.

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Fund Management

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We would like to personally welcome you to SL Capital Pvt Ltd., and it has been a
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We are offering a minimum 18% assured returns per annum on a minimum margin
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charge customer has to bear apart from his or her income tax. Returns will be

19
provided to the customers in Quarterly, Half yearly and annually to their respective
bank account.

It is a very big honor for us to be working with you.

REACH US:

S L Group

11-6-54/4, Ground Floor, Bansal Towers ,

Moosapet Y Junction

Hyderabad -18

tel :- 040 - 30973097

Fax 040 - 30833083

email: info@slgroup.co.in

20
 CHAPTER – 4

DATA ANALYSIS AND INTERPRETATION

21
 DATA ANALYSIS AND INTERPRETATION

Calculation of Risk and Returns of Maruti Suzuki from NIFTY

Prev Close Differe

Date Close Price Retuns Average nce D*D
1-Mar-16 3236.5 3494.4 7.9685 0.4388 7.5297 56.6967
2-Mar-16 3494.4 3612.65 3.3840 0.4388 2.9452 8.6744
3-Mar-16 3612.65 3608.65 -0.1107 0.4388 -0.5495 0.3019
4-Mar-16 3608.65 3555.1 -1.4839 0.4388 -1.9227 3.6968
8-Mar-16 3555.1 3462.65 -2.6005 0.4388 -3.0393 9.2370
9-Mar-16 3462.65 3576.4 3.2851 0.4388 2.8463 8.1014
10-Mar-16 3576.4 3627.2 1.4204 0.4388 0.9817 0.9637
11-Mar-16 3627.2 3641.2 0.3860 0.4388 -0.0528 0.0028
14-Mar-16 3641.2 3648.15 0.1909 0.4388 -0.2479 0.0614
15-Mar-16 3648.15 3654.55 0.1754 0.4388 -0.2633 0.0693
16-Mar-16 3654.55 3667.35 0.3502 0.4388 -0.0885 0.0078
17-Mar-16 3667.35 3635.45 -0.8698 0.4388 -1.3086 1.7124
18-Mar-16 3635.45 3621.4 -0.3865 0.4388 -0.8252 0.6810
21-Mar-16 3621.4 3669.55 1.3296 0.4388 0.8908 0.7936
22-Mar-16 3669.55 3699.55 0.8175 0.4388 0.3788 0.1435
23-Mar-16 3699.55 3736 0.9853 0.4388 0.5465 0.2987
28-Mar-16 3736 3638.95 -2.5977 0.4388 -3.0365 9.2201
29-Mar-16 3638.95 3729.95 2.5007 0.4388 2.0620 4.2517
30-Mar-16 3729.95 3727.45 -0.0670 0.4388 -0.5058 0.2558
31-Mar-16 3727.45 3716.3 -0.2991 0.4388 -0.7379 0.5445
1-Apr-16 3716.3 3723.2 0.1857 0.4388 -0.2531 0.0641
4-Apr-16 3723.2 3683.25 -1.0730 0.4388 -1.5118 2.2854
5-Apr-16 3683.25 3554.85 -3.4861 0.4388 -3.9248 15.4042
6-Apr-16 3554.85 3573.05 0.5120 0.4388 0.0732 0.0054
7-Apr-16 3573.05 3471 -2.8561 0.4388 -3.2949 10.8561
8-Apr-16 3471 3430.65 -1.1625 0.4388 -1.6013 2.5640
11-Apr-16 3430.65 3478.65 1.3992 0.4388 0.9604 0.9224
12-Apr-16 3478.65 3573.7 2.7324 0.4388 2.2936 5.2607
13-Apr-16 3573.7 3731.6 4.4184 0.4388 3.9796 15.8375
18-Apr-16 3731.6 3718.95 -0.3390 0.4388 -0.7778 0.6049
20-Apr-16 3718.95 3670.05 -1.3149 0.4388 -1.7537 3.0753
21-Apr-16 3670.05 3705.3 0.9605 0.4388 0.5217 0.2722
22-Apr-16 3705.3 3816.05 2.9890 0.4388 2.5502 6.5035
25-Apr-16 3816.05 3727.95 -2.3087 0.4388 -2.7474 7.5484
26-Apr-16 3727.95 3871.55 3.8520 0.4388 3.4132 11.6501
27-Apr-16 3871.55 3859.4 -0.3138 0.4388 -0.7526 0.5664
22
 28-Apr-16 3859.4 3747.95 -2.8878 0.4388 -3.3265 11.0657
29-Apr-16 3747.95 3794.65 1.2460 0.4388 0.8073 0.6517
2-May-16 3794.65 3830.85 0.9540 0.4388 0.5152 0.2654
3-May-16 3830.85 3819.95 -0.2845 0.4388 -0.7233 0.5232
4-May-16 3819.95 3811.55 -0.2199 0.4388 -0.6587 0.4338
5-May-16 3811.55 3836.85 0.6638 0.4388 0.2250 0.0506
6-May-16 3836.85 3818.95 -0.4665 0.4388 -0.9053 0.8195
9-May-16 3818.95 3846.5 0.7214 0.4388 0.2826 0.0799
10-May-16 3846.5 3844.8 -0.0442 0.4388 -0.4830 0.2332
11-May-16 3844.8 3890.05 1.1769 0.4388 0.7382 0.5449
12-May-16 3890.05 3854.2 -0.9216 0.4388 -1.3603 1.8505
13-May-16 3854.2 3846.25 -0.2063 0.4388 -0.6450 0.4161
16-May-16 3846.25 3881.6 0.9191 0.4388 0.4803 0.2307
17-May-16 3881.6 3950.7 1.7802 0.4388 1.3414 1.7994
18-May-16 3950.7 3914.9 -0.9062 0.4388 -1.3449 1.8088
19-May-16 3914.9 3926.6 0.2989 0.4388 -0.1399 0.0196
20-May-16 3926.6 3944.95 0.4673 0.4388 0.0286 0.0008
23-May-16 3944.95 3913.85 -0.7884 0.4388 -1.2271 1.5058
24-May-16 3913.85 3924.2 0.2644 0.4388 -0.1743 0.0304
25-May-16 3924.2 4060.95 3.4848 0.4388 3.0460 9.2783
26-May-16 4060.95 4118 1.4048 0.4388 0.9661 0.9333
27-May-16 4118 4146.6 0.6945 0.4388 0.2558 0.0654
30-May-16 4146.6 4071.75 -1.8051 0.4388 -2.2439 5.0349
31-May-16 4071.75 4161.6 2.2067 0.4388 1.7679 3.1255
229.902
      0.4388     4
Average Returns=0.4388

Risk=√∑D2/(n-1)

=√229.9024/59

=1.9739

Co-efficient of variation= Risk/ returns

=1.9739/0.4388

=4.498

The graphical representation of Returns of MARUTI-SUZUKI

23
Interpretation: the above graph shows that the returns of Maruti- Suzuki. The
Maruti-Suzuki has average returns of 0.4388, Risk is 1.9739 and Co- efficient of
variation is 4.498. The highest market value is 4146.6 on 30-05-2016 and the lowest
market value is 3236.5 on 01-03-2016.

24
Calculation of Risk and Returns of INFOSYS from NIFTY

Prev Close
Date Close Price Return Average Difference D*D
1-Mar-16 1084.05 1125.45 3.819012 0.24755 3.571462 12.75534
2-Mar-16 1125.45 1156 2.71447 0.24755 2.46692 6.085693
3-Mar-16 1156 1169.3 1.150519 0.24755 0.902969 0.815353
4-Mar-16 1169.3 1170.65 0.115454 0.24755 -0.1321 0.017449
8-Mar-16 1170.65 1163.45 -0.61504 0.24755 -0.86259 0.744067
9-Mar-16 1163.45 1178.5 1.293567 0.24755 1.046017 1.094151
10-Mar-16 1178.5 1142.5 -3.05473 0.24755 -3.30228 10.90506
11-Mar-16 1142.5 1143 0.043764 0.24755 -0.20379 0.041529
14-Mar-16 1143 1141.2 -0.15748 0.24755 -0.40503 0.16405
15-Mar-16 1141.2 1134.4 -0.59586 0.24755 -0.84341 0.711347
16-Mar-16 1134.4 1152.45 1.59115 0.24755 1.343599 1.80526
17-Mar-16 1152.45 1161.75 0.806976 0.24755 0.559426 0.312958
18-Mar-16 1161.75 1193.4 2.724338 0.24755 2.476788 6.13448
21-Mar-16 1193.4 1194.9 0.125691 0.24755 -0.12186 0.01485
22-Mar-16 1194.9 1189.95 -0.41426 0.24755 -0.66181 0.437993
23-Mar-16 1189.95 1207.8 1.500063 0.24755 1.252513 1.568789
28-Mar-16 1207.8 1204.9 -0.24011 0.24755 -0.48766 0.237808
29-Mar-16 1204.9 1197.25 -0.63491 0.24755 -0.88246 0.778731
30-Mar-16 1197.25 1205.95 0.726665 0.24755 0.479115 0.229551
31-Mar-16 1205.95 1218.3 1.024089 0.24755 0.776539 0.603013
1-Apr-16 1218.3 1205.45 -1.05475 0.24755 -1.3023 1.695981
4-Apr-16 1205.45 1243.7 3.173089 0.24755 2.925539 8.558778
5-Apr-16 1243.7 1219.8 -1.92169 0.24755 -2.16924 4.705582
6-Apr-16 1219.8 1200.7 -1.56583 0.24755 -1.81338 3.288349
7-Apr-16 1200.7 1181.5 -1.59907 0.24755 -1.84662 3.409995
8-Apr-16 1181.5 1165.75 -1.33305 0.24755 -1.5806 2.4983
11-Apr-16 1165.75 1183.9 1.556938 0.24755 1.309388 1.714496
12-Apr-16 1183.9 1182.2 -0.14359 0.24755 -0.39114 0.152993
13-Apr-16 1182.2 1172.7 -0.80359 0.24755 -1.05114 1.104888
18-Apr-16 1172.7 1238.7 5.628038 0.24755 5.380488 28.94965
20-Apr-16 1238.7 1243.6 0.395576 0.24755 0.148026 0.021912
21-Apr-16 1243.6 1226.3 -1.39112 0.24755 -1.63867 2.685248
22-Apr-16 1226.3 1211.25 -1.22727 0.24755 -1.47482 2.175091
25-Apr-16 1211.25 1215.85 0.379773 0.24755 0.132223 0.017483
26-Apr-16 1215.85 1232.15 1.340626 0.24755 1.093076 1.194815
27-Apr-16 1232.15 1240.15 0.649272 0.24755 0.401722 0.16138
28-Apr-16 1240.15 1209.15 -2.4997 0.24755 -2.74725 7.54737
29-Apr-16 1209.15 1208.1 -0.08684 0.24755 -0.33439 0.111815
2-May-16 1208.1 1201.05 -0.58356 0.24755 -0.83111 0.690745
3-May-16 1201.05 1177.8 -1.93581 0.24755 -2.18336 4.767044
25
 4-May-16 1177.8 1188.85 0.93819 0.24755 0.69064 0.476983
5-May-16 1188.85 1192.45 0.302814 0.24755 0.055264 0.003054
6-May-16 1192.45 1181.5 -0.91828 0.24755 -1.16583 1.359154
9-May-16 1181.5 1199.05 1.4854 0.24755 1.23785 1.532272
10-May-16 1199.05 1212.8 1.146741 0.24755 0.899191 0.808545
11-May-16 1212.8 1201.85 -0.90287 0.24755 -1.15042 1.323465
12-May-16 1201.85 1210 0.678121 0.24755 0.430571 0.185392
13-May-16 1210 1207.25 -0.22727 0.24755 -0.47482 0.225457
16-May-16 1207.25 1215 0.641955 0.24755 0.394405 0.155555
17-May-16 1215 1214.25 -0.06173 0.24755 -0.30928 0.095653
18-May-16 1214.25 1209.85 -0.36236 0.24755 -0.60991 0.371995
19-May-16 1209.85 1205.75 -0.33888 0.24755 -0.58643 0.343906
20-May-16 1205.75 1201.6 -0.34418 0.24755 -0.59173 0.350149
23-May-16 1201.6 1188 -1.13182 0.24755 -1.37937 1.902673
24-May-16 1188 1187.75 -0.02104 0.24755 -0.26859 0.072143
25-May-16 1187.75 1208.65 1.75963 0.24755 1.51208 2.286385
26-May-16 1208.65 1234.15 2.109792 0.24755 1.862242 3.467945
27-May-16 1234.15 1247.5 1.081716 0.24755 0.834166 0.695833
30-May-16 1247.5 1267.6 1.611222 0.24755 1.363672 1.859602
31-May-16 1267.6 1248.65 -1.49495 0.24755 -1.7425 3.03631
0.24755 141.4619
Average returns =0.24755

Risk =√∑D2/(n-1)

=√141.4619/59

=1.5484

Co-efficient of variation =Risk/Returns

=1.5484/0.24755

=6.2550

The graphical representation of Returns of INFOSYS

Interpretation: the above graph shows that the returns of INFOSYS. The
INFOSYShas average returns of0.24755, Risk is1.5484and Co- efficient of variation
is6.2550. The highest market value is5.628037 on 18-04-2016 and the lowest market
value is -3.054731 on10-03-2016.

26
Calculation of Risk and Returns of TATA STEEL from NIFTY

Prev Close
Date Close Price Returns Average Difference D*D
1-Mar-16 249.1 257.05 3.191489 0.522326 2.66916314 7.1244319
2-Mar-16 257.05 267.55 4.084808 0.522326 3.56248218 12.691279
3-Mar-16 267.55 287.05 7.288357 0.522326 6.7660311 45.779177
4-Mar-16 287.05 288.55 0.522557 0.522326 0.00023082 5.328E-08
8-Mar-16 288.55 291.8 1.126321 0.522326 0.60399504 0.36481
9-Mar-16 291.8 295.4 1.233722 0.522326 0.71139551 0.5060836
10-Mar-16 295.4 296.7 0.440081 0.522326 -0.082245 0.0067642
11-Mar-16 296.7 294.05 -0.89316 0.522326 -1.4154843 2.0035958
14-Mar-16 294.05 296.7 0.901207 0.522326 0.37888106 0.1435509
15-Mar-16 296.7 300.45 1.263903 0.522326 0.74157671 0.549936
16-Mar-16 300.45 299.5 -0.31619 0.522326 -0.8385186 0.7031134
17-Mar-16 299.5 295.9 -1.202 0.522326 -1.7243296 2.9733124
18-Mar-16 295.9 302.2 2.129098 0.522326 1.60677145 2.5817145
21-Mar-16 302.2 303.55 0.446724 0.522326 -0.0756022 0.0057157
22-Mar-16 303.55 309.8 2.058969 0.522326 1.53664265 2.3612706
23-Mar-16 309.8 317.2 2.388638 0.522326 1.86631161 3.483119
28-Mar-16 317.2 299.15 -5.69042 0.522326 -6.2127424 38.598168
29-Mar-16 299.15 303.85 1.571118 0.522326 1.04879195 1.0999645
30-Mar-16 303.85 324.3 6.730295 0.522326 6.20796833 38.538871
31-Mar-16 324.3 319.7 -1.41844 0.522326 -1.9407659 3.7665724
1-Apr-16 319.7 317.75 -0.60995 0.522326 -1.132273 1.2820423
4-Apr-16 317.75 320.35 0.818253 0.522326 0.29592712 0.0875729
5-Apr-16 320.35 312.3 -2.51288 0.522326 -3.0352028 9.2124558
6-Apr-16 312.3 328.55 5.20333 0.522326 4.68100391 21.911798
7-Apr-16 328.55 323.7 -1.47618 0.522326 -1.9985095 3.99404
8-Apr-16 323.7 322.1 -0.49428 0.522326 -1.0166111 1.033498
11-Apr-16 322.1 331.15 2.809686 0.522326 2.28736021 5.2320167
12-Apr-16 331.15 324.5 -2.00815 0.522326 -2.5304796 6.4033271
13-Apr-16 324.5 332.85 2.57319 0.522326 2.0508633 4.2060403
18-Apr-16 332.85 335.55 0.811176 0.522326 0.28884998 0.0834343
20-Apr-16 335.55 357.45 6.526598 0.522326 6.0042719 36.051281
21-Apr-16 357.45 354.55 -0.8113 0.522326 -1.3336285 1.778565
22-Apr-16 354.55 353.65 -0.25384 0.522326 -0.7761691 0.6024385
25-Apr-16 353.65 347.45 -1.75315 0.522326 -2.275472 5.1777728
26-Apr-16 347.45 358.6 3.209095 0.522326 2.68676861 7.2187256
27-Apr-16 358.6 356.75 -0.5159 0.522326 -1.0382214 1.0779036
28-Apr-16 356.75 347.6 -2.56482 0.522326 -3.0871475 9.5304798
29-Apr-16 347.6 351.1 1.006904 0.522326 0.48457827 0.2348161
2-May-16 351.1 346.95 -1.182 0.522326 -1.7043257 2.9047259
3-May-16 346.95 348.9 0.562041 0.522326 0.03971442 0.0015772
27
 4-May-16 348.9 328.75 -5.77529 0.522326 -6.29762 39.660018
5-May-16 328.75 331.8 0.927757 0.522326 0.40543043 0.1643738
6-May-16 331.8 329.3 -0.75347 0.522326 -1.2757922 1.6276456
9-May-16 329.3 328.7 -0.1822 0.522326 -0.7045309 0.4963638
10-May-16 328.7 328.05 -0.19775 0.522326 -0.7200749 0.5185079
11-May-16 328.05 329.8 0.533455 0.522326 0.01112905 0.0001239
12-May-16 329.8 330.6 0.242571 0.522326 -0.279755 0.0782628
13-May-16 330.6 322.65 -2.40472 0.522326 -2.9270449 8.5675919
16-May-16 322.65 326.4 1.16225 0.522326 0.6399239 0.4095026
17-May-16 326.4 327.15 0.229779 0.522326 -0.2925468 0.0855836
18-May-16 327.15 329.05 0.580773 0.522326 0.05844712 0.0034161
19-May-16 329.05 326.25 -0.85093 0.522326 -1.3732607 1.885845
20-May-16 326.25 322.65 -1.10345 0.522326 -1.6257745 2.6431427
23-May-16 322.65 313.55 -2.82039 0.522326 -3.3427198 11.173776
24-May-16 313.55 317.7 1.323553 0.522326 0.80122664 0.6419641
25-May-16 317.7 324.6 2.17186 0.522326 1.64953402 2.7209625
26-May-16 324.6 325.2 0.184843 0.522326 -0.3374833 0.113895
27-May-16 325.2 329.6 1.353014 0.522326 0.83068731 0.6900414
30-May-16 329.6 322.35 -2.19964 0.522326 -2.7219621 7.4090779
31-May-16 322.35 334.35 3.722662 0.522326 3.20033548 10.242147
0.522326 370.4382
Average Returns=0.522326

Risk =√∑D2/(n-1)

=√370.4382/59

=2.5057

Co-efficient of variation =Risk/Returns

=2.5057/0.522326

=4.7972

The graphical representation of Returns of TATA STEEL

Interpretation: the above graph shows that the returns of TATA STEEL. The TATA
STEELhas average returns of0.522326, Risk2.5057 is and Co-efficient of variation
is4.7972. The highest market value is7.2883573on 03-03-2016 and the lowest market
value is -5.775294on04-05-2016.

28
Calculation of Risk and Returns of RELIANCE COMMUNICATION from NIFTY.

Close
Date Prev Close Price Returns Average Difference D*D
1-Mar-16 51.75 53.8 3.96135266 -0.1367 4.098052 16.79403
2-Mar-16 53.8 54.65 1.57992565 -0.1367 1.716625 2.9468
3-Mar-16 54.65 55 0.64043916 -0.1367 0.777138 0.603944
4-Mar-16 55 55.35 0.63636364 -0.1367 0.773063 0.597626
8-Mar-16 55.35 54.55 -1.4453478 -0.1367 -1.308649 1.712562
9-Mar-16 54.55 55.05 0.91659028 -0.1367 1.053289 1.109418
10-Mar-16 55.05 53.8 -2.270663 -0.1367 -2.133964 4.553803
11-Mar-16 53.8 52.9 -1.6728625 -0.1367 -1.536164 2.359798
14-Mar-16 52.9 51.9 -1.8903592 -0.1367 -1.75366 3.075324
15-Mar-16 51.9 51.95 0.09633911 -0.1367 0.233038 0.054307
16-Mar-16 51.95 50.6 -2.5986526 -0.1367 -2.461954 6.061216
17-Mar-16 50.6 50.8 0.39525692 -0.1367 0.531956 0.282977
18-Mar-16 50.8 52.05 2.46062992 -0.1367 2.597329 6.746117
21-Mar-16 52.05 52.15 0.19212296 -0.1367 0.328822 0.108124
22-Mar-16 52.15 52 -0.2876318 -0.1367 -0.150933 0.022781
23-Mar-16 52 52 0 -0.1367 0.136699 0.018687
28-Mar-16 52 50.1 -3.6538462 -0.1367 -3.517147 12.37032
29-Mar-16 50.1 49.45 -1.2974052 -0.1367 -1.160706 1.347239
30-Mar-16 49.45 50.3 1.71890799 -0.1367 1.855607 3.443277
31-Mar-16 50.3 50 -0.5964215 -0.1367 -0.459723 0.211345
1-Apr-16 50 50.3 0.6 -0.1367 0.736699 0.542725
4-Apr-16 50.3 51.3 1.98807157 -0.1367 2.12477 4.51465
5-Apr-16 51.3 49.4 -3.7037037 -0.1367 -3.567005 12.72352
6-Apr-16 49.4 50.95 3.13765182 -0.1367 3.274351 10.72137
7-Apr-16 50.95 50.2 -1.4720314 -0.1367 -1.335332 1.783113
8-Apr-16 50.2 50.4 0.39840637 -0.1367 0.535105 0.286338
11-Apr-16 50.4 51.65 2.48015873 -0.1367 2.616858 6.847944
12-Apr-16 51.65 51.4 -0.4840271 -0.1367 -0.347328 0.120637
13-Apr-16 51.4 53 3.11284047 -0.1367 3.249539 10.55951
18-Apr-16 53 54.2 2.26415094 -0.1367 2.40085 5.76408
20-Apr-16 54.2 54.2 0 -0.1367 0.136699 0.018687
21-Apr-16 54.2 54.05 -0.2767528 -0.1367 -0.140054 0.019615
22-Apr-16 54.05 57.1 5.64292322 -0.1367 5.779622 33.40403
25-Apr-16 57.1 56.55 -0.9632224 -0.1367 -0.826523 0.683141
26-Apr-16 56.55 57.55 1.7683466 -0.1367 1.905046 3.629198
27-Apr-16 57.55 59.4 3.214596 -0.1367 3.351295 11.23118
28-Apr-16 59.4 57.85 -2.6094276 -0.1367 -2.472729 6.114387
29-Apr-16 57.85 56.2 -2.852204 -0.1367 -2.715505 7.373968
2-May-16 56.2 56.55 0.6227758 -0.1367 0.759475 0.576802
3-May-16 56.55 57.45 1.59151194 -0.1367 1.728211 2.986713
29
 4-May-16 57.45 55 -4.2645779 -0.1367 -4.127879 17.03938
5-May-16 55 54.05 -1.7272727 -0.1367 -1.590574 2.529925
6-May-16 54.05 54.1 0.09250694 -0.1367 0.229206 0.052535
9-May-16 54.1 55.7 2.95748614 -0.1367 3.094185 9.573981
10-May-16 55.7 55.6 -0.1795332 -0.1367 -0.042834 0.001835
11-May-16 55.6 54.3 -2.3381295 -0.1367 -2.201431 4.846297
12-May-16 54.3 54.65 0.64456722 -0.1367 0.781266 0.610377
13-May-16 54.65 51.7 -5.3979872 -0.1367 -5.261288 27.68115
16-May-16 51.7 51 -1.3539652 -0.1367 -1.217266 1.481737
17-May-16 51 51.25 0.49019608 -0.1367 0.626895 0.392997
18-May-16 51.25 51.15 -0.195122 -0.1367 -0.058423 0.003413
19-May-16 51.15 50.9 -0.4887586 -0.1367 -0.35206 0.123946
20-May-16 50.9 50.05 -1.6699411 -0.1367 -1.533242 2.350831
23-May-16 50.05 49.65 -0.7992008 -0.1367 -0.662502 0.438909
24-May-16 49.65 47 -5.3373615 -0.1367 -5.200663 27.04689
25-May-16 47 47.35 0.74468085 -0.1367 0.88138 0.77683
26-May-16 47.35 47.5 0.31678986 -0.1367 0.453489 0.205652
27-May-16 47.5 48.95 3.05263158 -0.1367 3.189331 10.17183
30-May-16 48.95 48.85 -0.2042901 -0.1367 -0.067591 0.004569
31-May-16 48.85 46.95 -3.8894575 -0.1367 -3.752759 14.0832
-0.1366989 303.7376
Average Returns=-0.1366989

Risk =√∑D2/(n-1)

=√303.7376/-0.1366989
= 17.4241

Co-efficient of variation =Risk/Returns

=17.4241/0.1366989

=17.2874

The graphical representation of Returns of RELIANCE COMMUNICATION

Interpretation: the above graph shows that Returns of

RELIANCECOMMUNICATION. The RELIANCE COMMUNICATIONhas average
returns of-0.1366989, Riskis 17.4241and Co- efficient of variation is17.2874. The
highest market value is5.64292321922-04-2016 and the lowest market value is-
5.397987191 on 22 -05-2016
30
 Calculation of Risk and Returns of MAHINDRA &MAHINDRA from NIFTY

Prev Close
Date Close Price Returns Average Difference D*D
1-Mar-16 1228.1 1268.1 3.2570638 0.138818239 3.118245518 9.723455111
2-Mar-16 1268.1 1199.15 -5.437268 0.138818239 -5.57608659 31.09274169
3-Mar-16 1199.15 1215.35 1.3509569 0.138818239 1.212138689 1.469280201
4-Mar-16 1215.35 1216.35 0.0822808 0.138818239 -0.05653741 0.003196479
8-Mar-16 1216.35 1219.4 0.2507502 0.138818239 0.111931956 0.012528763
9-Mar-16 1219.4 1235.55 1.3244218 0.138818239 1.185603608 1.405655915
10-Mar-16 1235.55 1226.35 -0.744608 0.138818239 -0.8834259 0.780441327
11-Mar-16 1226.35 1220.5 -0.477025 0.138818239 -0.61584356 0.379263288
14-Mar-16 1220.5 1212.05 -0.692339 0.138818239 -0.83115744 0.690822697
15-Mar-16 1212.05 1205.05 -0.577534 0.138818239 -0.71635217 0.51316043
16-Mar-16 1205.05 1212.1 0.585038 0.138818239 0.446219726 0.199112044
17-Mar-16 1212.1 1198.45 -1.126145 0.138818239 -1.26496295 1.600131256
18-Mar-16 1198.45 1222.55 2.0109308 0.138818239 1.872112547 3.504805387
21-Mar-16 1222.55 1227.95 0.4416997 0.138818239 0.302881487 0.091737195
22-Mar-16 1227.95 1253.15 2.0522008 0.138818239 1.913382584 3.661032911
23-Mar-16 1253.15 1249.35 -0.303236 0.138818239 -0.44205408 0.195411814
28-Mar-16 1249.35 1243.85 -0.440229 0.138818239 -0.57904716 0.335295611
29-Mar-16 1243.85 1232.25 -0.932588 0.138818239 -1.07140657 1.147912046
30-Mar-16 1232.25 1219.75 -1.014405 0.138818239 -1.15322278 1.329922788
31-Mar-16 1219.75 1210.7 -0.741955 0.138818239 -0.88077356 0.77576206
1-Apr-16 1210.7 1195.2 -1.280251 0.138818239 -1.41906933 2.013757773
4-Apr-16 1195.2 1245.9 4.2419679 0.138818239 4.103149633 16.83583691
5-Apr-16 1245.9 1215.7 -2.423951 0.138818239 -2.5627688 6.567783906
6-Apr-16 1215.7 1220.35 0.3824957 0.138818239 0.243677443 0.059378696
7-Apr-16 1220.35 1212.65 -0.630967 0.138818239 -0.76978476 0.592568584
8-Apr-16 1212.65 1232.25 1.6162949 0.138818239 1.477476652 2.182937258
11-Apr-16 1232.25 1236 0.3043214 0.138818239 0.165503124 0.027391284
12-Apr-16 1236 1239.95 0.3195793 0.138818239 0.180761049 0.032674557
13-Apr-16 1239.95 1332.45 7.4599782 0.138818239 7.321159986 53.59938354
18-Apr-16 1332.45 1340.65 0.6154077 0.138818239 0.476589469 0.227137522
20-Apr-16 1340.65 1326.05 -1.089024 0.138818239 -1.22784222 1.507596517
21-Apr-16 1326.05 1308.65 -1.312168 0.138818239 -1.45098596 2.105360242
22-Apr-16 1308.65 1326 1.3257938 0.138818239 1.186975518 1.40891088
25-Apr-16 1326 1326.5 0.0377074 0.138818239 -0.10111085 0.010223404
26-Apr-16 1326.5 1353.85 2.0618168 0.138818239 1.922998572 3.697923509
27-Apr-16 1353.85 1384.75 2.2823799 0.138818239 2.143561641 4.594856507
28-Apr-16 1384.75 1344.5 -2.906662 0.138818239 -3.04548009 9.274948986
29-Apr-16 1344.5 1330.95 -1.00781 0.138818239 -1.14662783 1.314755389
2-May-16 1330.95 1336.55 0.4207521 0.138818239 0.281933855 0.079486699
3-May-16 1336.55 1325.85 -0.800569 0.138818239 -0.93938687 0.882447686
31
4-May-16 1325.85 1321 -0.365803 0.138818239 -0.50462131 0.254642665
5-May-16 1321 1320.85 -0.011355 0.138818239 -0.15017327 0.022552012
6-May-16 1320.85 1330.8 0.7533028 0.138818239 0.614484559 0.377591273
9-May-16 1330.8 1349.6 1.4126841 0.138818239 1.273865861 1.622734231
10-May-16 1349.6 1349.9 0.0222288 0.138818239 -0.11658943 0.013593095
11-May-16 1349.9 1348.2 -0.125935 0.138818239 -0.26475349 0.070094412
12-May-16 1348.2 1334.4 -1.023587 0.138818239 -1.16240524 1.351185951
13-May-16 1334.4 1312.75 -1.622452 0.138818239 -1.76127028 3.10207299
16-May-16 1312.75 1316.3 0.2704247 0.138818239 0.131606442 0.017320256
17-May-16 1316.3 1341.95 1.9486439 0.138818239 1.809825687 3.275469018
18-May-16 1341.95 1326 -1.188569 0.138818239 -1.32738711 1.761956547
19-May-16 1326 1311.05 -1.127451 0.138818239 -1.26626922 1.603437736
20-May-16 1311.05 1293.1 -1.369132 0.138818239 -1.50794985 2.273912753
23-May-16 1293.1 1284.95 -0.630268 0.138818239 -0.76908659 0.591494177
24-May-16 1284.95 1294.8 0.7665668 0.138818239 0.627748554 0.394068246
25-May-16 1294.8 1311.75 1.3090825 0.138818239 1.170264245 1.369518403
26-May-16 1311.75 1339.1 2.085001 0.138818239 1.946182714 3.787627156
27-May-16 1339.1 1333.7 -0.403256 0.138818239 -0.54207416 0.293844392
30-May-16 1333.7 1330.85 -0.213691 0.138818239 -0.35250947 0.124262929
31-May-16 1330.85 1322.3 -0.642447 0.138818239 -0.7812648 0.610374681
0.1388182 188.8447818
Average Returns=0.1388182

Risk =√∑D2/(n-1)

=√188.8447818/59

=1.7890

Co-efficient of variation =Risk/Returns

=1.7890/0.1388182

=12.8878

The graphical representation of Returns of MAHINDRA&MAHINDRA

. Interpretation: the above graph shows tha there Returns of

MAHINDRA&MAHINDRA. The MAHINDRA&MAHINDRAhas average returns
of0.1388182, Risk is 1.7890 and Co- efficient of variation is12.8878. The highest

32
market value is7.459978225 13-04-2016 and the lowest market value is -5.43726835
on 02 -03-2016.

33
 Calculation of Risk and Returns of MARUTI-SUZUKI from SENSEX.

Open Close
Date Price Price Returns Average Difference D*D
1-Mar-16 3215 3495.5 8.724728 0.380749 8.343978 69.622
2-Mar-16 3526 3611.7 2.430516 0.380749 2.049767 4.20154
3-Mar-16 3621 3611.2 -0.27064 0.380749 -0.65139 0.42431
4-Mar-16 3580 3564.8 -0.42458 0.380749 -0.80533 0.64856
8-Mar-16 3555 3461.55 -2.62869 0.380749 -3.00944 9.05674
9-Mar-16 3458.7 3577.45 3.433371 0.380749 3.052621 9.3185
10-Mar-16 3599.95 3627.15 0.755566 0.380749 0.374817 0.14049
11-Mar-16 3550 3638.65 2.497183 0.380749 2.116434 4.47929
14-Mar-16 3666 3649.35 -0.45417 0.380749 -0.83492 0.6971
15-Mar-16 3672.95 3653.9 -0.51866 0.380749 -0.89941 0.80893
16-Mar-16 3644 3666.35 0.613337 0.380749 0.232588 0.0541
17-Mar-16 3691 3633.1 -1.56868 0.380749 -1.94943 3.80028
18-Mar-16 3640 3629.55 -0.28709 0.380749 -0.66784 0.44601
21-Mar-16 3611 3670.1 1.636666 0.380749 1.255916 1.57733
22-Mar-16 3669.95 3699.4 0.802463 0.380749 0.421714 0.17784
23-Mar-16 3702.25 3735.7 0.903505 0.380749 0.522755 0.27327
28-Mar-16 3741.1 3638.2 -2.75053 0.380749 -3.13128 9.8049
29-Mar-16 3664 3730.85 1.824509 0.380749 1.443759 2.08444
30-Mar-16 3735.15 3728 -0.19142 0.380749 -0.57217 0.32738
31-Mar-16 3765 3719.1 -1.21912 0.380749 -1.59987 2.55959
1-Apr-16 3725 3723.25 -0.04698 0.380749 -0.42773 0.18295
4-Apr-16 3750 3681.3 -1.832 0.380749 -2.21275 4.89626
5-Apr-16 3688 3546.45 -3.83812 0.380749 -4.21887 17.7989
6-Apr-16 3580 3571.65 -0.23324 0.380749 -0.61399 0.37698
7-Apr-16 3578 3471.35 -2.98072 0.380749 -3.36146 11.2994
8-Apr-16 3467.9 3428.85 -1.12604 0.380749 -1.50679 2.27042
11-Apr-16 3459 3478.6 0.566638 0.380749 0.185888 0.03455
12-Apr-16 3495 3576.65 2.336195 0.380749 1.955445 3.82377
13-Apr-16 3604 3734.6 3.623751 0.380749 3.243002 10.5171
18-Apr-16 3734.6 3718.2 -0.43914 0.380749 -0.81989 0.67221
20-Apr-16 3718.2 3669.6 -1.30708 0.380749 -1.68783 2.84878
21-Apr-16 3690 3703.6 0.368564 0.380749 -0.01219 0.00015
22-Apr-16 3693.1 3817.35 3.364382 0.380749 2.983633 8.90206
25-Apr-16 3815 3734.3 -2.11533 0.380749 -2.49608 6.23043
26-Apr-16 3715 3869.45 4.15747 0.380749 3.77672 14.2636
27-Apr-16 3848 3862 0.363825 0.380749 -0.01692 0.00029
28-Apr-16 3828.15 3748.45 -2.08195 0.380749 -2.4627 6.06487
29-Apr-16 3749.75 3794.95 1.205414 0.380749 0.824664 0.68007
2-May-16 3795 3829.55 0.910408 0.380749 0.529659 0.28054
3-May-16 3836 3816.9 -0.49791 0.380749 -0.87866 0.77205
34
4-May-16 3845 3809.2 -0.93108 0.380749 -1.31183 1.72089
5-May-16 3835 3840.05 0.131682 0.380749 -0.24907 0.06203
6-May-16 3845 3819.5 -0.6632 0.380749 -1.04395 1.08983
9-May-16 3833.3 3856.2 0.597396 0.380749 0.216647 0.04694
10-May-16 3856.3 3846.95 -0.24246 0.380749 -0.62321 0.38839
11-May-16 3800 3889.85 2.364474 0.380749 1.983724 3.93516
12-May-16 3861.4 3862.95 0.040141 0.380749 -0.34061 0.11601
13-May-16 3865 3844.6 -0.52781 0.380749 -0.90856 0.82549
16-May-16 3875 3880.3 0.136774 0.380749 -0.24398 0.05952
17-May-16 3885.3 3949.15 1.643374 0.380749 1.262624 1.59422
18-May-16 3910 3914.2 0.107417 0.380749 -0.27333 0.07471
19-May-16 3900 3926.85 0.688462 0.380749 0.307712 0.09469
20-May-16 3890 3947.05 1.466581 0.380749 1.085832 1.17903
23-May-16 3950 3911.55 -0.97342 0.380749 -1.35417 1.83377
24-May-16 3930 3917.5 -0.31807 0.380749 -0.69882 0.48834
25-May-16 3942.15 4053.6 2.827137 0.380749 2.446388 5.98481
26-May-16 4055 4117.15 1.532676 0.380749 1.151926 1.32693
27-May-16 4118 4141.35 0.567023 0.380749 0.186273 0.0347
30-May-16 4141 4073.15 -1.63849 0.380749 -2.01924 4.07734
31-May-16 4073 4167.9 2.329978 0.380749 1.949228 3.79949
0.380749 241.15
Average Returns=0.380749

Risk =√∑D2/(n-1)

=√241.15/59

=2.0217

Co-efficient of variation =Risk/Returns

=2.0217/0.380749

=5.3098

The graphical representation of Returns of MARUTI-SUZUKI

Interpretation: the above graph shows that the returns of MARUTI-SUZUKI. The
MARUTI-SUZUKIhas average returns of0.380749, Risk is2.0217 and Co- efficient of
variation is5.3098. The highest market value is 8.7247278 on 01-03-2016 and the
lowest market value is-3.838124 on 05-04-2016.

35
 Calculation of Risk and Returns of MAHINDRA&MAHINDRA from SENSEX.

Open Close
Date Price Price Returns Average Difference D*D
1-Mar-16 1224 1266.25 3.451797 -0.11754 3.56934 12.7402
2-Mar-16 1280 1199.05 -6.32422 -0.11754 -6.20667 38.52281
3-Mar-16 1209.9 1215.35 0.45045 -0.11754 0.56799 0.322618
4-Mar-16 1217 1215.9 -0.09039 -0.11754 0.02716 0.000738
8-Mar-16 1216 1216.85 0.069901 -0.11754 0.18745 0.035136
9-Mar-16 1219.4 1235.05 1.283418 -0.11754 1.40096 1.962695
10-Mar-16 1239 1226.05 -1.0452 -0.11754 -0.92765 0.860542
11-Mar-16 1226 1219.95 -0.49347 -0.11754 -0.37593 0.141324
14-Mar-16 1223.8 1211 -1.04592 -0.11754 -0.92838 0.861887
15-Mar-16 1221.9 1206.95 -1.2235 -0.11754 -1.10596 1.223148
16-Mar-16 1208 1212.35 0.360099 -0.11754 0.47764 0.228143
17-Mar-16 1219 1198.35 -1.69401 -0.11754 -1.57647 2.48525
18-Mar-16 1201.1 1222.2 1.756723 -0.11754 1.87427 3.512877
21-Mar-16 1222.55 1227.5 0.404891 -0.11754 0.52244 0.272939
22-Mar-16 1235 1253.15 1.469636 -0.11754 1.58718 2.519139
23-Mar-16 1254.05 1249.2 -0.38675 -0.11754 -0.2692 0.07247
28-Mar-16 1256.3 1243.3 -1.03478 -0.11754 -0.91724 0.841331
29-Mar-16 1237.1 1232.25 -0.39205 -0.11754 -0.2745 0.075351
30-Mar-16 1248 1220.2 -2.22756 -0.11754 -2.11002 4.452185
31-Mar-16 1222.5 1209.65 -1.05112 -0.11754 -0.93358 0.871573
1-Apr-16 1219.9 1194.55 -2.07804 -0.11754 -1.9605 3.843541
4-Apr-16 1197 1245.75 4.072682 -0.11754 4.19023 17.55799
5-Apr-16 1253 1216 -2.95291 -0.11754 -2.83537 8.039318
6-Apr-16 1221 1221.35 0.028665 -0.11754 0.14621 0.021377
7-Apr-16 1225.65 1212.55 -1.06882 -0.11754 -0.95128 0.904927
8-Apr-16 1219.9 1233.1 1.082056 -0.11754 1.1996 1.43904
11-Apr-16 1232 1232.55 0.044643 -0.11754 0.16219 0.026305
12-Apr-16 1239 1240.75 0.141243 -0.11754 0.25879 0.066971
13-Apr-16 1259 1332.6 5.845909 -0.11754 5.96345 35.56278
18-Apr-16 1332.45 1341.05 0.645428 -0.11754 0.76297 0.582126
20-Apr-16 1340 1327.35 -0.94403 -0.11754 -0.82649 0.683079
21-Apr-16 1339 1308.15 -2.30396 -0.11754 -2.18641 4.780407
22-Apr-16 1315 1323.65 0.657795 -0.11754 0.77534 0.60115
25-Apr-16 1326 1326.85 0.064103 -0.11754 0.18165 0.032995
26-Apr-16 1330 1355.05 1.883459 -0.11754 2.001 4.004012
27-Apr-16 1344 1384.8 3.035714 -0.11754 3.15326 9.943038
28-Apr-16 1385 1343.35 -3.00722 -0.11754 -2.88968 8.350229
29-Apr-16 1344.9 1331.75 -0.97777 -0.11754 -0.86022 0.739985
2-May-16 1334.95 1335.75 0.059927 -0.11754 0.17747 0.031496
3-May-16 1338 1325.85 -0.90807 -0.11754 -0.79053 0.624934
36
4-May-16 1314 1318.45 0.338661 -0.11754 0.4562 0.208123
5-May-16 1330 1320.65 -0.70301 -0.11754 -0.58546 0.342768
6-May-16 1325 1327.75 0.207547 -0.11754 0.32509 0.105684
9-May-16 1335 1349.45 1.082397 -0.11754 1.19994 1.439858
10-May-16 1351.4 1350.4 -0.074 -0.11754 0.04355 0.001896
11-May-16 1340 1346.15 0.458955 -0.11754 0.5765 0.332351
12-May-16 1353 1331.8 -1.56689 -0.11754 -1.44934 2.100599
13-May-16 1332 1313.1 -1.41892 -0.11754 -1.30137 1.693577
16-May-16 1313 1318.3 0.403656 -0.11754 0.5212 0.271649
17-May-16 1328.8 1341.4 0.948224 -0.11754 1.06577 1.135861
18-May-16 1341.95 1320.1 -1.62823 -0.11754 -1.51068 2.282165
19-May-16 1321.5 1309.35 -0.91941 -0.11754 -0.80187 0.642989
20-May-16 1315.8 1294.05 -1.65299 -0.11754 -1.53544 2.357585
23-May-16 1300.2 1286.35 -1.06522 -0.11754 -0.94768 0.898091
24-May-16 1272.5 1296.25 1.866405 -0.11754 1.98395 3.936052
25-May-16 1297.1 1312.15 1.160281 -0.11754 1.27782 1.632836
26-May-16 1312.5 1337.1 1.874286 -0.11754 1.99183 3.967386
27-May-16 1339.1 1335.15 -0.29497 -0.11754 -0.17743 0.031481
30-May-16 1340 1331.8 -0.61194 -0.11754 -0.4944 0.244428
31-May-16 1338.3 1324.7 -1.01621 -0.11754 -0.89867 0.807609
-0.11754 194.271
Average Returns=-0.11754

Risk =√∑D2/(n-1)

=√194.271/59

=1.8145

Co-efficient of variation =Risk/Returns

=1.8145/-0.11754

=1.6970

The graphical representation of Returns of MAHINDRA&MAHINDRA

Interpretation: the above graph shows that the returns

ofMAHINDRA&MAHINDRA. The MAHINDRA&MAHINDRAhas average returns
of-0.11754, Risk is1.8145 and Co- efficient of variation is1.6970. The highest market

37
value is5.8459095 on 13-04-2016 and the lowest market value is-6.324219on 02-03-
2016.

38
Calculation of Risk and Returns of INFOSYS from SENSEX

Open Close
Date Price Price Returns Average Difference D*D
1-Mar-16 1098 1124.5 2.41348 0.02095 2.3925293 5.724197
2-Mar-16 1132 1156.25 2.14223 0.02095 2.1212764 4.499814
3-Mar-16 1169 1169.15 0.01283 0.02095 -0.008118 6.59E-05
4-Mar-16 1170 1170.55 0.04701 0.02095 0.0260588 0.000679
8-Mar-16 1170 1163.55 -0.5513 0.02095 -0.572232 0.327449
9-Mar-16 1147 1178.5 2.74629 0.02095 2.7253449 7.427505
10-Mar-16 1164 1145.95 -1.5507 0.02095 -1.571637 2.470043
11-Mar-16 1146 1142.5 -0.3054 0.02095 -0.32636 0.106511
14-Mar-16 1150 1140.95 -0.787 0.02095 -0.807906 0.652713
15-Mar-16 1146 1134.35 -1.0166 0.02095 -1.037529 1.076467
16-Mar-16 1139.95 1152 1.05706 0.02095 1.0361142 1.073533
17-Mar-16 1156 1160.2 0.36332 0.02095 0.3423721 0.117219
18-Mar-16 1161 1190.2 2.51507 0.02095 2.4941235 6.220652
21-Mar-16 1187 1195 0.67397 0.02095 0.6530182 0.426433
22-Mar-16 1194 1189.9 -0.3434 0.02095 -0.364333 0.132739
23-Mar-16 1189 1207.75 1.57696 0.02095 1.5560057 2.421154
28-Mar-16 1229.95 1204.7 -2.0529 0.02095 -2.073879 4.300973
29-Mar-16 1200 1198.95 -0.0875 0.02095 -0.10845 0.011761
30-Mar-16 1200 1205.8 0.48333 0.02095 0.4623836 0.213799
31-Mar-16 1210 1217.95 0.65702 0.02095 0.6360751 0.404591
1-Apr-16 1212 1205.9 -0.5033 0.02095 -0.52425 0.274838
4-Apr-16 1212 1243.55 2.60314 0.02095 2.5821856 6.667682
5-Apr-16 1243 1218.6 -1.963 0.02095 -1.983943 3.936028
6-Apr-16 1224.5 1201.1 -1.911 0.02095 -1.931934 3.732368
7-Apr-16 1212 1181.65 -2.5041 0.02095 -2.525075 6.376005
8-Apr-16 1175 1167.35 -0.6511 0.02095 -0.672014 0.451602
11-Apr-16 1167 1184.4 1.491 0.02095 1.4700528 2.161055
12-Apr-16 1185 1182.3 -0.2278 0.02095 -0.248798 0.0619
13-Apr-16 1194 1172.05 -1.8384 0.02095 -1.859308 3.457027
18-Apr-16 1245.55 1238.8 -0.5419 0.02095 -0.562879 0.316833
20-Apr-16 1245 1243.25 -0.1406 0.02095 -0.161512 0.026086
21-Apr-16 1250 1226.4 -1.888 0.02095 -1.90895 3.644089
22-Apr-16 1221 1213.85 -0.5856 0.02095 -0.606535 0.367885
25-Apr-16 1214 1217.05 0.25124 0.02095 0.2302858 0.053032
26-Apr-16 1215 1232.95 1.47737 0.02095 1.4564165 2.121149
27-Apr-16 1229.9 1240 0.8212 0.02095 0.8002552 0.640408
28-Apr-16 1233 1211.45 -1.7478 0.02095 -1.768719 3.128368
29-Apr-16 1212 1210.85 -0.0949 0.02095 -0.115834 0.013418
2-May-16 1214 1200.65 -1.0997 0.02095 -1.12062 1.25579
3-May-16 1200 1180.75 -1.6042 0.02095 -1.625116 2.641003
39
4-May-16 1191 1189.55 -0.1217 0.02095 -0.142696 0.020362
5-May-16 1191 1192.45 0.12175 0.02095 0.1007967 0.01016
6-May-16 1192 1181.45 -0.8851 0.02095 -0.906017 0.820867
9-May-16 1190 1199.15 0.76891 0.02095 0.7479578 0.559441
10-May-16 1200 1212.55 1.04583 0.02095 1.0248836 1.050386
11-May-16 1205 1201.05 -0.3278 0.02095 -0.348751 0.121627
12-May-16 1208.95 1210.2 0.1034 0.02095 0.0824458 0.006797
13-May-16 1207 1206.7 -0.0249 0.02095 -0.045805 0.002098
16-May-16 1210 1213.95 0.32645 0.02095 0.3054965 0.093328
17-May-16 1218 1214.05 -0.3243 0.02095 -0.345252 0.119199
18-May-16 1203.5 1209.75 0.51932 0.02095 0.4983689 0.248372
19-May-16 1209 1205.35 -0.3019 0.02095 -0.322852 0.104234
20-May-16 1204 1201.75 -0.1869 0.02095 -0.207827 0.043192
23-May-16 1201.5 1190.75 -0.8947 0.02095 -0.915665 0.838442
24-May-16 1190 1188.2 -0.1513 0.02095 -0.17221 0.029656
25-May-16 1196 1208.85 1.07441 0.02095 1.053465 1.109788
26-May-16 1208 1231.65 1.95778 0.02095 1.9368317 3.751317
27-May-16 1230 1246.4 1.33333 0.02095 1.3123836 1.722351
30-May-16 1247 1263.45 1.31917 0.02095 1.2982163 1.685365
31-May-16 1268 1249.85 -1.4314 0.02095 -1.452338 2.109285
0.02095 93.38113
Average Returns=0.02095

Risk =√∑D2/(n-1)

=√93.38113/59

=1.2580

Co-efficient of variation =Risk/Returns

=1.2580/0.02095

=60.0477

The graphical representation of Returns of INFOSYS

Interpretation: the above graph shows that the returns ofINFOSYS. The
INFOSYSaverage returns is0.02095, Risk is1.2580and Co- efficient of variation
is60.0477. The highest market value is2.74629 on 09-03-2016 and the lowest market
value is-2.50413 on 07-04-2016.

40
 Calculation of Risk and Returns of RELIANCE COMMUNICATION from SENSEX

Open Close
Date Price Price Returns Average Difference D*D
1-Mar-16 51.7 53.85 4.158607 -0.42959 4.588196 21.0515
2-Mar-16 54.4 54.65 0.459559 -0.42959 0.889148 0.79058
3-Mar-16 54.65 54.95 0.548948 -0.42959 0.978537 0.95753
4-Mar-16 54.8 55.3 0.912409 -0.42959 1.341998 1.80096
8-Mar-16 55.05 54.55 -0.90827 -0.42959 -0.478676 0.22913
9-Mar-16 54.3 55.05 1.381215 -0.42959 1.810805 3.27901
10-Mar-16 55.5 53.8 -3.06306 -0.42959 -2.633474 6.93519
11-Mar-16 54 52.9 -2.03704 -0.42959 -1.607448 2.58389
14-Mar-16 53.1 51.9 -2.25989 -0.42959 -1.830298 3.34999
15-Mar-16 51.85 52.05 0.385728 -0.42959 0.815317 0.66474
16-Mar-16 52.35 50.65 -3.24737 -0.42959 -2.817784 7.93991
17-Mar-16 51.05 50.8 -0.48972 -0.42959 -0.060127 0.00362
18-Mar-16 51.7 52 0.580271 -0.42959 1.00986 1.01982
21-Mar-16 51.7 52.15 0.870406 -0.42959 1.299995 1.68999
22-Mar-16 52.4 51.95 -0.85878 -0.42959 -0.42919 0.1842
23-Mar-16 52.2 51.95 -0.47893 -0.42959 -0.049338 0.00243
28-Mar-16 52.35 50.05 -4.39351 -0.42959 -3.963916 15.7126
29-Mar-16 50 49.4 -1.2 -0.42959 -0.770411 0.59353
30-Mar-16 50 50.3 0.6 -0.42959 1.029589 1.06005
31-Mar-16 50.3 50 -0.59642 -0.42959 -0.166832 0.02783
1-Apr-16 49.9 50.3 0.801603 -0.42959 1.231192 1.51583
4-Apr-16 50.6 51.25 1.284585 -0.42959 1.714174 2.93839
5-Apr-16 51.35 49.4 -3.79747 -0.42959 -3.367879 11.3426
6-Apr-16 49.65 50.95 2.618328 -0.42959 3.047917 9.2898
7-Apr-16 52.1 50.2 -3.64683 -0.42959 -3.217244 10.3507
8-Apr-16 49 50.4 2.857143 -0.42959 3.286732 10.8026
11-Apr-16 50.95 51.6 1.275761 -0.42959 1.70535 2.90822
12-Apr-16 51.85 51.45 -0.77146 -0.42959 -0.341867 0.11687
13-Apr-16 51.9 53 2.119461 -0.42959 2.54905 6.49765
18-Apr-16 53.25 54.05 1.502347 -0.42959 1.931937 3.73238
20-Apr-16 54.25 54.1 -0.2765 -0.42959 0.153091 0.02344
21-Apr-16 54.65 54 -1.18939 -0.42959 -0.759798 0.57729
22-Apr-16 53.7 56.95 6.052142 -0.42959 6.481731 42.0128
25-Apr-16 57.4 56.65 -1.30662 -0.42959 -0.877031 0.76918
26-Apr-16 56.9 57.45 0.966608 -0.42959 1.396197 1.94937
27-Apr-16 57.4 59.25 3.222997 -0.42959 3.652586 13.3414
28-Apr-16 59.5 57.9 -2.68908 -0.42959 -2.259487 5.10528
29-Apr-16 57.95 56.25 -2.93356 -0.42959 -2.503974 6.26989
2-May-16 56 56.6 1.071429 -0.42959 1.501018 2.25305
3-May-16 57 57.35 0.614035 -0.42959 1.043624 1.08915
41
4-May-16 57.3 55 -4.01396 -0.42959 -3.584372 12.8477
5-May-16 55.15 54.15 -1.81324 -0.42959 -1.383648 1.91448
6-May-16 54 54.2 0.37037 -0.42959 0.799959 0.63994
9-May-16 55 55.75 1.363636 -0.42959 1.793225 3.21566
10-May-16 55.5 55.6 0.18018 -0.42959 0.609769 0.37182
11-May-16 54.7 54.4 -0.54845 -0.42959 -0.118857 0.01413
12-May-16 55 54.65 -0.63636 -0.42959 -0.206775 0.04276
13-May-16 54 51.75 -4.16667 -0.42959 -3.737078 13.9657
16-May-16 51.75 51.05 -1.35266 -0.42959 -0.923068 0.85205
17-May-16 51.3 51.3 0 -0.42959 0.429589 0.18455
18-May-16 51.3 51.15 -0.2924 -0.42959 0.137191 0.01882
19-May-16 51.15 50.85 -0.58651 -0.42959 -0.156921 0.02462
20-May-16 51 50.1 -1.76471 -0.42959 -1.335117 1.78254
23-May-16 50.7 49.75 -1.87377 -0.42959 -1.444178 2.08565
24-May-16 49.75 47.1 -5.32663 -0.42959 -4.897044 23.981
25-May-16 47.75 47.45 -0.62827 -0.42959 -0.198683 0.03947
26-May-16 47.5 47.65 0.315789 -0.42959 0.745379 0.55559
27-May-16 47.75 49 2.617801 -0.42959 3.04739 9.28659
30-May-16 49.4 49 -0.80972 -0.42959 -0.380127 0.1445
31-May-16 49.5 47.05 -4.94949 -0.42959 -4.519906 20.4295
-0.42959 295.16
Average Returns=-0.42959

Risk =√∑D2/(n-1)

=√295.16/59

=2.2366

Co-efficient of variation =Risk/Returns

=2.2366/-0.42959

=1.8070

The graphical representation of Returns of RELIANCE COMMUNICATION

Interpretation:the above graph shows that the returns of RELIANCE

COMMUNICATION. The RELIANCE COMMUNICATION average returns is-
0.42959, Risk is 2.2366 and Co- efficient of variation is1.8070 . The highest market

42
value is 6.052142 on 22-04-2016 and the lowest market value is -5.32663 on 24-05-
2016.

43
Calculation of Risk and Returns of TATA STEEL from SENSEX

Open Close
Date Price Price Returns Average Difference D*D
1-Mar-16 250 256.9 2.76 0.40465 2.35535 5.54765
2-Mar-16 260.25 267.15 2.6513 0.40465 2.24664 5.0474
3-Mar-16 271.7 286.3 5.37357 0.40465 4.96892 24.6902
4-Mar-16 289 288.35 -0.2249 0.40465 -0.6296 0.39636
8-Mar-16 288.75 291.85 1.07359 0.40465 0.66894 0.44748
9-Mar-16 284.8 295.45 3.73947 0.40465 3.33481 11.121
10-Mar-16 296.2 296.15 -0.0169 0.40465 -0.4215 0.17769
11-Mar-16 296 294.45 -0.5236 0.40465 -0.9283 0.86175
14-Mar-16 297 296.3 -0.2357 0.40465 -0.6403 0.41004
15-Mar-16 296 299.8 1.28378 0.40465 0.87913 0.77287
16-Mar-16 299.8 299.2 -0.2001 0.40465 -0.6048 0.36577
17-Mar-16 304 295.8 -2.6974 0.40465 -3.102 9.62255
18-Mar-16 298.9 302 1.03714 0.40465 0.63248 0.40003
21-Mar-16 303.5 302.9 -0.1977 0.40465 -0.6023 0.36282
22-Mar-16 304.5 309.45 1.62562 0.40465 1.22096 1.49075
23-Mar-16 311.4 316.6 1.66988 0.40465 1.26522 1.60079
28-Mar-16 317.25 300.05 -5.4216 0.40465 -5.8262 33.9451
29-Mar-16 300 303.9 1.3 0.40465 0.89535 0.80164
30-Mar-16 309 324.4 4.98382 0.40465 4.57916 20.9687
31-Mar-16 325 319.5 -1.6923 0.40465 -2.097 4.39725
1-Apr-16 318 317.7 -0.0943 0.40465 -0.499 0.249
4-Apr-16 315.15 320.2 1.60241 0.40465 1.19776 1.43462
5-Apr-16 317.9 312.1 -1.8245 0.40465 -2.2291 4.96901
6-Apr-16 314 328.45 4.60191 0.40465 4.19726 17.617
7-Apr-16 330 323.95 -1.8333 0.40465 -2.238 5.00859
8-Apr-16 323 322.25 -0.2322 0.40465 -0.6369 0.40558
11-Apr-16 322 331.15 2.84161 0.40465 2.43696 5.93878
12-Apr-16 322 324.15 0.6677 0.40465 0.26305 0.06919
13-Apr-16 326.65 332.6 1.82152 0.40465 1.41687 2.00751
18-Apr-16 331.1 335 1.17789 0.40465 0.77324 0.5979
20-Apr-16 337 356.85 5.89021 0.40465 5.48555 30.0913
21-Apr-16 358 354.4 -1.0056 0.40465 -1.4102 1.98878
22-Apr-16 358.7 353.8 -1.366 0.40465 -1.7707 3.13537
25-Apr-16 353.7 347.55 -1.7388 0.40465 -2.1434 4.59423
26-Apr-16 347 358.4 3.2853 0.40465 2.88065 8.29813
27-Apr-16 358.05 356.6 -0.405 0.40465 -0.8096 0.65549
28-Apr-16 357.7 347.7 -2.7956 0.40465 -3.2003 10.2419
29-Apr-16 347.5 350.55 0.8777 0.40465 0.47304 0.22377
2-May-16 350 346.8 -0.9143 0.40465 -1.3189 1.7396
3-May-16 348.05 348.45 0.11493 0.40465 -0.2897 0.08394
44
4-May-16 347.7 328.95 -5.3926 0.40465 -5.7972 33.6079
5-May-16 328.2 332 1.15783 0.40465 0.75318 0.56727
6-May-16 330.6 329.45 -0.3479 0.40465 -0.7525 0.56627
9-May-16 330.9 329.05 -0.5591 0.40465 -0.9637 0.92879
10-May-16 331 327.95 -0.9215 0.40465 -1.3261 1.75855
11-May-16 320.9 329 2.52415 0.40465 2.1195 4.49226
12-May-16 330.05 330.8 0.22724 0.40465 -0.1774 0.03148
13-May-16 327.05 323 -1.2383 0.40465 -1.643 2.69944
16-May-16 322.3 326.35 1.25659 0.40465 0.85194 0.7258
17-May-16 328 326.95 -0.3201 0.40465 -0.7248 0.5253
18-May-16 326.5 328.9 0.73507 0.40465 0.33041 0.10917
19-May-16 327.9 326.1 -0.5489 0.40465 -0.9536 0.90936
20-May-16 326.9 322.9 -1.2236 0.40465 -1.6283 2.65126
23-May-16 324 313.6 -3.2099 0.40465 -3.6145 13.0648
24-May-16 313.6 317.6 1.27551 0.40465 0.87086 0.75839
25-May-16 320 324.35 1.35938 0.40465 0.95472 0.91149
26-May-16 322.1 325 0.90034 0.40465 0.49569 0.24571
27-May-16 325.6 329 1.04423 0.40465 0.63957 0.40905
30-May-16 331.05 323.1 -2.4014 0.40465 -2.8061 7.87422
31-May-16 324.7 334.45 3.00277 0.40465 2.59812 6.75021
0.40465 302.364
Average Returns=0.40465

Risk =√∑D2/(n-1)

=√302.364/59

=2.2638

Co-efficient of variation =Risk/Returns

=2.2638/0.40465

=5.5944

The graphical representation of Returns of TATA STEEL

Interpretation: the above graph shows that the returns of TATA STEEL. The TATA
STEEL average returns is 0.40465, Risk is 2.2638 and Co- efficient of variation is
5.5944. The highest market value is 5.890208 on 20-04-2016 and the lowest market
value is -5.42159 on 28-03-2016.

45
TABLE SHOWING THAT THE COMPARAISION OF SENSEX & NIFTY

S.No Company Name NIFTY SENSEX

1 INFOSYS 6.255 60.0477
2 TATA STEEL 4.7972 5.5944
3 MAHINDRA&MAHINDRA 12.8878 1.697
RELIANCE
4 COMMUNICATION 17.2874 1.807
5 MARUTI-SUZUKI 4.498 5.3098

GRAPHICAL REPRESENTATION OF SENSEX AND NIFTY

46
CHAPTER – 5

FINDINGS

SUGGESTIONS

CONCLUSION

47
 FINDINGS

The present project work has been undertaken to study “ A COMPARITIVE

ANALYSIS OF SHARE PRICE MOVEMENT IN BSE SENSEX & NIFTY “ at
SHAREKHAN COMPANY” during the study the following facts have been
identify .

The Maruti-Suzuki (NIFTY) has average returns of 0.4388, Risk is 1.9739 and Co-
efficient of variation is 4.498. The highest market value is 4146.6 on 30-05-2016 and
the lowest market value is 3236.5 on 01-03-2016.

The MARUTI-SUZUKI (SENSEX)has average returns of0.380749, Risk is2.0217

and Co- efficient of variation is5.3098. The highest market value is 8.7247278 on 01-
03-2016 and the lowest market value is-3.838124 on 05-04-2016.

The INFOSYS (NIFTY) has average returns of0.24755, Risk is1.5484and Co-
efficient of variation is6.2550. The highest market value is5.628037 on 18-04-2016
and the lowest market value is -3.054731 on10-03-2016.

The INFOSYS (SENSEX) average returns is0.02095, Risk is1.2580and Co- efficient
of variation is60.0477. The highest market value is2.74629 on 09-03-2016 and the
lowest market value is-2.50413 on 07-04-2016.

The TATA STEEL(NIFTY) has average returns of0.522326, Risk2.5057 is and Co-
efficient of variation is4.7972. The highest market value is7.2883573on 03-03-2016
and the lowest market value is -5.775294on04-05-2016.

The TATA STEEL (SENSEX) average returns is 0.40465, Risk is 2.2638 and Co-
efficient of variation is 5.5944. The highest market value is 5.890208 on 20-04-2016
and the lowest market value is -5.42159 on 28-03-2016.

The RELIANCE COMMUNICATION (NIFTY) has average returns of-0.1366989,

Riskis 17.4241and Co- efficient of variation is17.2874. The highest market value
is5.64292321922-04-2016 and the lowest market value is-5.397987191 on 22 -05-
2016

48
The RELIANCE COMMUNICATION (SENSEX) average returns is-0.42959, Risk
is 2.2366 and Co- efficient of variation is1.8070 . The highest market value is
6.052142 on 22-04-2016 and the lowest market value is -5.32663 on 24-05-2016.

The MAHINDRA&MAHINDRA (NIFTY) has average returns of0.1388182, Risk is

1.7890 and Co- efficient of variation is12.8878. The highest market value
is7.459978225 13-04-2016 and the lowest market value is -5.43726835 on 02 -03-
2016.

The MAHINDRA&MAHINDRA (SENSEX) has average returns of-0.11754, Risk

is1.8145 and Co- efficient of variation is1.6970. The highest market value
is5.8459095 on 13-04-2016 and the lowest market value is-6.324219 on 02-03-2016.

49
 SUGGESTIONS

The various findings traced out using the data analysis of different companies, help
the investors to invest into either NIFTY or SENSEX. By comparing of sample
companies we can compare with reference to SENSEX and NIFTY we can suggest
the investors to invest into INFOSIS company in SENSEX and remaining companies
we can invest into NIFTY. So that investor has to get more returns. Investors have to
invest fundamentally and Technically strong companies.

50
 CONCLUSION

This project emphasizes on the market fluctuations relations to the prices of Scrip’s
though it is difficult to observe a pattern for the price movements but efforts have
been taken using fundamental analysis and technical analysis. Using fundamental
analysis, it is observed the financial position and performance of the firms are in
correlation with present market prices. According to technical analysis, the historical
data taken is used to observe the trends followed by the Scrip’s. However, we cannot
say that any one method is sufficient to analysis and interpret the fluctuations but they
help the investor to define the trends to some extent. Overall we can say that the
project is satisfied.

51
BIBLIOGRAPHY

52
 BIBLIOGRAPHY

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Websites Referred
www.bseindia.com
www.nse-india.com
www.ebsco.com
www.tse.or.jp/english/index.shtml
www.infosys.com
www.slgroup.in

53